Real Estate Quotes

You can find out how much any home is tax assessed at https://www.bcassessment.ca/ [2015] - Gary Wong

Try to present the offer in person or have your realtor present the offer in person if at all possible. Statistically, people who negotiate in person are more likely to come to a deal than people who negotiate over email or over the phone. [2015] - Gary Wong

As of 2015, the standard allowable rent increase is a maximum of 2.5%. You can find more information on the BC government website at https://www2.gov.bc.ca/gov/content/housing-tenancy [2015] - Gary Wong

One of the things you can do to prevent difficult rent increase conversations is by having the rent increase talk at the very beginning when you have your tenant sign the lease agreement. Since most landlords don't have this conversation, let me suggest another alternative. Give your tenant 6 months advance notice before you increase the rent. If the tenant asks why, just explain that strata fees are going up, property taxes are too, inflation, etc... [2015] - Gary Wong

Always get permits for any appliance replacements that you do in your condo or ask your insurance company whether they need that. Always get sufficient insurance coverage. Speak with a professional insurance broker who can lay out all the options for you. Don't just buy the cheapest insurance policy out there. [2015] - Gary Wong

How much you charge for rent will attract different kinds of tenants. If you're aiming for high end tenants, don't charge cheap rent. [2015] - Gary Wong

Ask your tenant to provide a work place reference. Don't just call the contact number that was provided as this can be a number to their friend's cell phone who can pretend to be the tenant's employer. Call the company's office number and ask to speak to the person noted as the tenant's employer. At this time, you can also verify the tenant's income and employment status so you know whether the tenant is a qualified tenant. [2015] - Gary Wong

You should be taking pictures of your tenants and also taking pictures of your property before the tenancy begins. Take video as well. You want proof if there ever is a dispute regarding the property's condition before the tenancy. Try to get a photocopy of your tenant's driver's license. [2015] - Gary Wong

There's a standard tenancy agreement on the Residential Tenancy Branch website but I'd recommend adding more than just the basic terms listed there, especially if you have specific custom terms you want to include. [2015] - Gary Wong

10 places you can find great real estate deals: 1. Craigslist; 2. MLS; 3. Real estate investment groups; 4. Bankers; 5. Local newspapers; 6. Real estate agents; 7. Mortgage brokers; 8. Divorce/estate lawyers; 9. Property managers; 10. Contractors/builders. [2015] - Gary Wong

Pay the few hundred dollars and get the professionals to do your videography and photography and then you'll have them to put in your ads that can be used over and over again for the long run. For about $0.10/sq ft you can have a local measuring company to provide you with a professionally drafted floor plan that is very professional looking. Just like the photography and videgrahpy, you only need to do it once and then you can reuse the floor plan for whatever you need to advertise your property again. [2015] - Gary Wong

Including the utilities in the rent provides the convenience to your tenants in many ways. One, they don't need to set up their own hydro and gas accounts when they move in. Second, tenants don't need to worry about how much gas or electricity they're going to use. Include internet and TV into the monthly rent as well. [2015] - Gary Wong

Furnishing your suite tastefully without spending a fortune on $10,000 couches and $5,000 beds. Yes, not every tenant will want your furnishings; some will pay the higher rent but want to use their own furnishings. In that case, just put it in storage. There are cheap storage places for about $50-$100/mo. You'll need to furnish your rental property based on who you plan to rent out to. The style of furniture business executives care about is different from the furniture students would want, and the same goes for families. [2015] - Gary Wong

Most people just do the 1 year lease. If you want to charge more, offer 3 months or 6 months leases. Because you're adding the flexibility, it's added value for the tenant and so it's justified if you charge more. [2015] - Gary Wong

Leasehold properties are properties located on leasehold land. Leasehold land is land that is owned by the city, First Nations lands, federal government, universities and even private institutions or individuals. This land is then leased to developers for a period of 50 to 99 years to develop residential housing. Leasehold prepaid means the developer has prepaid a sum to the owner of the land already and incorporated that into the price of the property. Leasehold non-prepaid means you have to pay an annual fixed sum to the owner of the land which is assessed periodically. [2015] - Gary Wong

There are many apartments in the Fairview area in Vancouver where the lease is expiring in about 20-30 years. Most buyers don't want to be spending hundreds of thousands of dollars just to live in the home for 20-30 years. However, many buyers such as seniors may consider these properties. [2015] - Gary Wong

According to "privacy Guidelines For Landlords and Tenants" released by the Office of the Information Privacy Commissioner for British Columbia, landlords should not require that tenants provide their Social Insurance Number on either tenancy application forms or rental agreements. A landlord should not demand a tenant's banking / credit card information as a condition of renting a property. A landlord may ask to examine a person's driver's licence in order to verify the person's identity. However, the landlord must not write down or photocopy this personal information. A potential landlord cannot ask you to pay a fee to simply apply to rent a place. [2015] - Kris Anderson

The new Residential Tenancy Act allows landlords to charge extra fees for certain services, such as direct cost of replacing keys or other access devices / additional keys you request, service fees charged by banks for NSF cheques, move-in / move-out fees charged by a strata corporation to the landlord and fees for services or facilities requested by you that aren't covered in your tenancy agreement (e.g. parking fee). As long as your tenancy agreement states, you may be charged a fee of not more than $25 for a NSF cheque or late payment of rent. [2015] - Kris Anderson

Your landlord is required to pay you interest on our security deposit. However, the amount of interest required to be paid is established yearly by the government. Some years you will not receive any interest on your deposit if the prime lending rate of the principal banker to the Province is less than 4.5 percent on the first day of the calendar year. You can go to www.gov.bc.ca/landlordtenant and use the rate calculator to find out how much you are owed. [2015] - Kris Anderson

Your landlord is responsible for repairing heating, plumbing, electricity, locks, walls/floors/ceilings (including water leaks/holes), fire doors/escapes, intercoms, elevators, fridge/stove, laundry facilities, furniture included in your rent and garages/storage sheds. [2015] - Kris Anderson